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Dhaka Tribune

Brac Bank clarifies misleading reports of NBR 'raid'

Brac Bank was unable to pay the tax amount of its client to the NBR officials due to an order from the High Court Division of the Supreme Court

Update : 02 May 2024, 08:49 PM

On April 30, 2024, officials from the National Board of Revenue (NBR) Tax Zone-15 made a visit to the Gulshan Branch of Brac Bank PLC with the purpose of collecting tax dues owed by Ulka Games Limited, a client of the bank. 

Ekram Kabir, the bank's Head of Communications, emphasized the importance of clarification, stating that this visit wasn't a raid. Contrary to misconceptions, the officials weren't there to directly collect taxes from Brac Bank. Rather, their aim was to retrieve tax receivables from the bank's customer account. Unfortunately, a few news reports misrepresented the situation, falsely suggesting that the bank was evading taxes. These reports, with their misleading titles and inaccurate information, significantly contributed to widespread misunderstandings about the nature of the event.

Brac Bank was unable to pay the tax amount of its client to the NBR officials due to an order from the High Court Division of the Supreme Court. “We provided a written response outlining the reasons for this, as we are committed to respecting the law and avoiding any contempt of court,” said the bank official in a press release.

Following this, on May 1, a vacation bench issued a stay order halting the transfer of funds until the scheduled hearing on May 5. Post the hearing, Brac Bank will proceed in accordance with the court's guidance. The bank remains steadfast in its commitment to extend full cooperation to the NBR in the collection of tax funds.

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